PUBLISHER: 360iResearch | PRODUCT CODE: 1470473
PUBLISHER: 360iResearch | PRODUCT CODE: 1470473
[191 Pages Report] The Wool Market size was estimated at USD 17.02 billion in 2023 and expected to reach USD 17.90 billion in 2024, at a CAGR 5.51% to reach USD 24.79 billion by 2030.
Wool is a fiber sourced from animals such as sheep, goats, and alpacas or made with a blend of acrylic fibers and polyesters. It is highly valued for its unique properties, such as soft, lightweight, wrinkle-resistant, breathable, sustainable, and flame-resistant. These qualities make it ideal for many applications, including clothing, blankets, carpets, upholstery fabrics, and insulation. The wool industry is observing encouraging growth due to the high adoption of wool for making fashion apparel and accessories and the increasing international trade of wool-based products. Government initiatives worldwide are also helping promote growth in wool production. However, the industry faces some challenges, such as price fluctuations, availability of low-quality counterfeit products, and environmental impact from large-scale production activities. Technological advancements in the manufacturing process to improve energy efficiency and increasing innovations in wool products as an insulating material create a lucrative market opportunity. Market players are working on getting certifications and standard awards for their high-quality materials to achieve better customer trust in the products.
KEY MARKET STATISTICS | |
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Base Year [2023] | USD 17.02 billion |
Estimated Year [2024] | USD 17.90 billion |
Forecast Year [2030] | USD 24.79 billion |
CAGR (%) | 5.51% |
Type: Proliferating demand for natural wool due to its inherent organic properties
Natural wool is a material derived from sheep and other animals and is composed of the protein keratin, which makes it a superior fiber for insulation and breathability. Natural wool is highly resilient and resistant to dirt, meaning it can last for years, even when exposed to everyday wear and tear. The fiber also has a natural elasticity, enabling it to stretch without losing shape. Angora wool is a luxurious and lightweight natural fiber obtained from Angora rabbits, specifically the Turkish Angora. Cashmere wool arrives from the smooth undercoat of Cashmere goats and is renowned for its supreme softness, warmth, and lightweight nature. Merino wool originates from Merino sheep and has a fine fiber, resulting in a highly breathable fabric that maintains body heat efficiently while wicking away moisture. Peruvian Highland wool is a blend of Merino wool's finer texture with the hardier qualities of native Peruvian sheep breeds known as Corriedale sheep. Shetland wool is derived from the Shetland sheep breed and is a durable wool with long fibers that are softer than traditional British wool. Teeswater wool originates from Teeswater sheep, known for its lustrous and wavy texture, making it highly sought-after for use in premium products such as yarns for hand knitting or weaving. Icelandic wool is a highly versatile natural fiber sourced from Icelandic sheep, known for their remarkable adaptability to the harsh climate. Polwarth wool originates from Polwarth sheep and has a long staple length that makes it easy to spin, but it also produces a strong, smooth, and silky yarn with good stitch definition that takes dye well and can produce a beautiful woven fabric. Welsh mountain wool has a high natural lanolin content that provides excellent water resistance and impressive tensile strength, making it highly durable and suitable for heavy-duty applications. Synthetic wool is made from synthetic fibers such as polyester or acrylic, designed to mimic natural wool's properties without using animal products. It is often more cost-effective than natural wool, making it an appealing choice for customers on a budget. Synthetic fabrics are usually more durable than natural fabrics in the long run as they provide better UV protection than their natural counterparts.
Grading: Extensive use of fine wool in luxury apparel manufacturing
Coarse wool is generally made of longer fibers and usually has a higher micron count, ranging from 35 µ and above. It is coarser in texture and heavier in weight than medium or fine wool. Coarse wool has a lower price point due to its lower fineness and is used in various applications, including outerwear, rugs, carpets, upholstery, and insulations. Fine wool is usually characterized by its shorter fiber length and fine micron count, which ranges between 25 µ and below. It is often used for fabrics that require a soft feel, such as luxury apparel, lingerie, blankets, accessories, and home textiles, owing to its finer texture. Fine wool is more costly than coarse or medium wool due to its luxurious quality. Medium wool falls between the two extremes with micron counts of 22µ-35 µ. It is often used for suiting materials as it offers good insulation properties while maintaining a softer feel than the coarser wools. Medium wool is also relatively affordable compared to fine or coarse wool, making it an ideal choice for many apparel collections.
Application: High utilization of wool in apparel & accessories applications
Wool is often used to make apparel & accessories such as sweaters, hats, scarves, and jackets as it is breathable and can keep its wearer warm even in colder temperatures. Wool is also used for interior textiles, including upholstery fabrics, carpets, blankets, cushions, drapes, and wall coverings. It can also be used as a building material for insulation due to its excellent ability to maintain temperature. Wool's durability makes it an ideal choice for insulation of commercial buildings or making furniture pieces that require more sturdiness.
Regional Insights
The American wool market is growing, driven by the exponential demand for wool-based garments and accessories among the millennial and youth population due to their biodegradability property. Fashion brands nationwide increasingly demand long-lasting raw materials for their garments, preferring wool as one of the most durable and sustainable materials. The Americas region is also widely known for its significant wool production and export activities to other regions. The Asia-Pacific region also observes an increased use of wool products with a rising number of composite mills, combing units, spinning mills, carpet manufacturing units, and facilities for woven and knitted garment units. The region has the largest wool-producing countries working on introducing high-quality synthetic wool for consumers looking for cost-effective options. Europe has a more diverse presence of players in the wool market, with significant companies producing different types of wool supported by their huge sheep and goat population. Many sports and casual wear manufacturers in the region are partnering with wool manufacturers to assist them with product innovation. Government initiatives by different countries across the region have consistently aided wool production with incentives and subsidies, enabling the market to grow to meet changing customer demands.
FPNV Positioning Matrix
The FPNV Positioning Matrix is pivotal in evaluating the Wool Market. It offers a comprehensive assessment of vendors, examining key metrics related to Business Strategy and Product Satisfaction. This in-depth analysis empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital (V).
Market Share Analysis
The Market Share Analysis is a comprehensive tool that provides an insightful and in-depth examination of the current state of vendors in the Wool Market. By meticulously comparing and analyzing vendor contributions in terms of overall revenue, customer base, and other key metrics, we can offer companies a greater understanding of their performance and the challenges they face when competing for market share. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With this expanded level of detail, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.
Key Company Profiles
The report delves into recent significant developments in the Wool Market, highlighting leading vendors and their innovative profiles. These include AJ & PA McBride Ltd, Australian Wool Innovation Limited by The Woolmark Company Pty Ltd, Baur Vliesstoffe GmbH, Bendigo Woollen Mills Pty Ltd, Bobolink Yarns, Botto Giuseppe SpA, British Wool Marketing Board (BWMB), Brown Sheep Company, Inc., Cape Wools SA, Catskill Merino, Cestari Sheep & Wool Company, Chargeurs PCC, Donegal Yarns Limited, Duckworth, Europa Wools Ltd., G. Schneider S.p.A., Great Lakes Fibers, Indorama Ventures Public Company Limited, Kaplanlar Tekstil San. Ve Tic. A.S., Kentwool Co., Kerry Woollen Mills, Lanas Trinidad S.A., Laxtons Limited, Merinotex, Minwool Rock Fibre Limited, Nui Organics, Salud Industry (Dongguan) Co., Ltd., Shaniko Wool Company, Sudwolle Group GmbH, The New Zealand Merino Company Ltd, Valley Fibers Corporation, Wool & Company, Woolyarns Limited, Yunsa A.S., Zeilinger Wool Co., and Zhejiang Xinao Textile Co., Ltd..
Market Segmentation & Coverage
1. Market Penetration: It presents comprehensive information on the market provided by key players.
2. Market Development: It delves deep into lucrative emerging markets and analyzes the penetration across mature market segments.
3. Market Diversification: It provides detailed information on new product launches, untapped geographic regions, recent developments, and investments.
4. Competitive Assessment & Intelligence: It conducts an exhaustive assessment of market shares, strategies, products, certifications, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players.
5. Product Development & Innovation: It offers intelligent insights on future technologies, R&D activities, and breakthrough product developments.
1. What is the market size and forecast of the Wool Market?
2. Which products, segments, applications, and areas should one consider investing in over the forecast period in the Wool Market?
3. What are the technology trends and regulatory frameworks in the Wool Market?
4. What is the market share of the leading vendors in the Wool Market?
5. Which modes and strategic moves are suitable for entering the Wool Market?